NEW YORK CITY — Izaki Group Investments USA has purchased a 165,000-square-foot office building, located at 93 Worth St. in New York City's Tribeca neighborhood, for $49.7 million from World Wide Holdings. Vincent Carregam Yoav Oelsner, Charles Kingsley and Jason Meister of Grubb & Ellis' New York City office represented the seller. Izaki is planning on repositioning the property to be a high-end residential condominium building with a fitness center, children's playroom and lounge.
NEW YORK CITY — Concern for Independent Living, a nonprofit supportive housing provider, has opened the 65-unit Rochester Avenue Apartments in the Crown Heights section of Brooklyn in New York City. The nonprofit repositioned the former St. Mary's Hospital facility to house the apartment community. The cost to redevelop the property was $24.56 million, and the property's financing included $10 million in federal low-income housing tax credits, a $13 million NYS Office of Mental Health grant, a $900,000 grant from the Federal Home Loan Bank of New York in partnership with Astoria Federal Savings, a $6.5 million Bank of America Merrill Lynch construction loan and $13 million in permanent financing from CPC.
WEST NEW YORK, N.J. — Love Funding has provided $54.4 million in refinancing for the 688-unit Parkview Towers, an apartment community in West New York. Laura Saull-Smith of Love Funding's Washington, D.C., office arranged the loan through HUD on behalf of the borrower, Parkview Towers LLC. The loan extends the property's contract for Section 8 status for 20 more years.
CARROLLTON — Dallas-based CONTI Organization has purchased the 256-unit Parkside Village, a multifamily property located at 3022 N. Josey Ln. in Carrollton, for $11 million. CONTI is planning a $2 million renovation of the property's office, clubhouse and apartment units. Parkside Village was 89 percent occupied at the time of the sale. Michael Lewis and Andrew Porteous of Jones Lang LaSalle's Dallas office represented the seller, while Carlos Vaz and Stewart Hsu of CONTI handled the transaction in house.
GRAPEVINE — SkyWalker Property Partners has acquired the 58,860-square-foot Grapevine I and II, located at 3500 and 3600 William D. Tate Ave. in Grapevine, from CWCapital. The office complex is currently 48.8 percent leased. Renee Efimoff of SCM Real Estate Services' Arlington office represented the buyer, and Barney McAuley of Tricom Real Estate Group's Dallas office represented the seller.
WICHITA FALLS — Marcus & Millichap has brokered the sale of the 88-unit The Timbers Apartments, a distressed property located at 500 Fillmore St. in Wichita Falls. Mason Green and Boyan Radic of Marcus & Millichap's Fort Worth office represented both the buyer, a San Diego, Calif.-based limited partnership, and the seller, the original developer's family.
SUGAR LAND — NorthMarq Capital has arranged $1.2 million in first mortgage financing for the 3,745-square-foot Taco Cabana, located at 16770 Southwest Freeway in Sugar Land. Bart Dickinson of NorthMarq's Dallas office arranged the financing based on a 10-year term with a 25-year amortization schedule through StanCorp Mortgage Investors.
SANTA MONICA, CALIF. – A 23,000-square-foot, Class A office building located at 1315 Lincoln Blvd. in Santa Monica has sold to Lincoln Property Company for $12.6 million. The building was 25 percent occupied at the time of sale. Bob Safai and Mitch Stokes of Madison Partners represented the seller, Praedium Group, in this transaction.
DENVER — Lowe Enterprises Investors has purchased the 231,454-square-foot Denver Club office building inside Denver’s Central Business District. Built in 1954, the 24-story Denver Club is a historic building that is undergoing a $10-million renovation. The tower is currently 76 percent leased. Jeremy Ballenger of Lowe Enterprises Real Estate Group led Lowe’s acquisition team. The seller was represented by Riki Hashimoto and Dan Grooters of Grubb & Ellis.
GLENDALE, CALIF. — Institutional Property Advisors (IPA) has sold the 77-unit Legacy at Westglen apartment complex in Glendale to Acacia Realty Corp. for an undisclosed sum. The property was built in 1984 and contains 80,766 square feet that reside at 1151-1161 Sonora Ave. IPA’s Ron Harris and Joseph Smolen represented both the buyer and the seller, TIAA-CREF Global Real Estate.
